Firm Makes a Killing On Stock Market after Being Linked to Coronavirus

coronavirus drug

Coronavirus has had its hands in the many securities exchanges across the world. China’s securities exchange almost crushed when the report of new coronavirus infections and deaths became worldwide. Investors pulled out last minute to cushion themselves from incurring huge losses that could plunge them into irrecoverable debts.

But one firm is making the most from coronavirus pandemic. Gilead Sciences, an American Biotech firm has been performing extremely well on the American bourse after the World Health Organization said that one of its drugs; remdesivir is showing signs that it may be able to help treat the deadly coronavirus.

“There is only one drug right now that we think may have real efficacy and that’s remdesivir,” said World Health Organization (WHO) assistant director-general at a press conference in Beijing.

The firm came second the S&P 500 (a stock market index that tracks the stocks of 500 large-cap U.S. companies) and was one of the two stocks in the National Association of Securities Dealers Automated Quotation System-100 (Nasdaq-100)  that were trading higher as of yesterday.

A few weeks ago, the company had issued a statement saying the drug has portrayed some success in treating MERS and SARS, two viruses similar to the Wuhan coronavirus, in animals.WHO officials mentioned that clinical trials for this drug in humans are now ongoing and the results could be available within weeks as Gilead is collaborating with health authorities in China on two trials for patients with Coronavirus.

“The two studies one in patients with severe disease and another in patients with the moderate disease are currently enrolling participants and we anticipate results in April,” said the Gilead Sciences spokesman.

Among other firms in the quest to find coronavirus cure are Pharmaceutical giants Johnson & Johnson (JNJ) and GlaxoSmithKline (GSK)